The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACADIA RLTY TR COM SH BEN INT 004239109 10,589 566,237 SH   SOLE 566,237 0 0
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 9,393 153,009 SH   SOLE 153,009 0 0
AVALONBAY CMNTYS INC COM 053484101 10,242 89,807 SH   SOLE 89,807 0 0
BOSTON PROPERTIES INC COM 101121101 6,781 76,105 SH   SOLE 76,105 0 0
BRE PROPERTIES INC CL A 05564E106 5,424 128,097 SH   SOLE 128,097 0 0
DDR CORP COM 23317H102 1,438 131,950 SH   SOLE 131,950 0 0
DUPONT FABROS TECHNOLOGY INC COM 26613Q106 9,072 460,727 SH   SOLE 460,727 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 7,299 88,564 SH   SOLE 88,564 0 0
HOME PROPERTIES INC COM 437306103 24,387 429,656 SH   SOLE 429,656 0 0
HOST HOTELS & RESORTS INC COM 44107P104 13,157 1,202,629 SH   SOLE 1,202,629 0 0
KILROY RLTY CORP COM 49427F108 2,414 77,115 SH   SOLE 77,115 0 0
LASALLE HOTEL PPTYS COM SH BEN INT 517942108 8,199 427,039 SH   SOLE 427,039 0 0
PROLOGIS INC COM 74340W103 12,530 516,696 SH   SOLE 516,696 0 0
SIMON PPTY GROUP INC NEW COM 828806109 29,401 284,322 SH   SOLE 284,322 0 0
SL GREEN RLTY CORP COM 78440X101 11,118 191,199 SH   SOLE 191,199 0 0
VORNADO RLTY TR SH BEN INT 929042109 5,187 69,513 SH   SOLE 69,513 0 0